In brief: APEC means two new public holidays likely, and other business stories

Mooted public holidays during APEC, Budget support loans from the ADB and World Bank coming, and a new focus on monetising the okari nut. Your weekly digest of the latest business news.

in brief

The National Executive Council will be discussing proposed public holidays on November 15 and 16 in Port Moresby to cater for the movements of APEC leaders during the APEC Economic Leaders’ Week in the city.

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Budget support loans totalling US$250 million (K827.2million) are expected from the Asian Development Bank and World Bank, Deputy Prime Minister and Treasurer Charles Abel reportedly said. The ADB will provide US$100 million (K331 million) this month, while the World Bank will provide US$150 million (K496.3 million) next month.

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Chief Executive of the Manufacturers Council of PNG, Chey Scovell, has reportedly claimed that buying PNG-made goods is at the centre of any successful local economy reliant on imported products. He said it is a key to national economic growth and prosperity in the country.

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Dr Sergei Bang, Director General of the National Agricultural Research Institute. Credit: EMTV

With galip nut taking the limelight after its commercial launch last week, another humble nut taken for granted, the okari, will also go down a similar path to commercialisation. Director General of the National Agriculture Research Institute Dr Sergei Bang confirmed that okari (terminalia kaernbacchii) is in the process to follow the path now achieved by galip (canarium indicum).

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Air Niugini Cargo, a subsidiary of Air Niugini Limited has announced a new initiative to provide specific freighter services in mid next year to uplift PNG-made products from local farmers at a 50 per cent discount and export to overseas markets.

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Kokopo Beach Bungalow Resort. Source: Booking.com

Prime Minister Peter O’Neill has announced at the Business Advantage Papua New Guinea Investment Conference that Kokopo, in East New Britain, will become PNG’s tourism hub—like Bali in Indonesia, or Nadi in Fiji.

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Australian mining company Kingston Resources announced it had divested a total of A$2.4million ($1.8million) in domestic assets, largely to increase its investment in the exploration and development of the Misima Gold Project.

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As Bougainville ruminates over whether to allow mining to return to the controversial Panguna site, other mining projects are being contemplated. One mining company that has become involved is Perth-based Kalia Ltd, which is reportedly prospecting for gold and copper in the island’s north.

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Cunard Line has released a one-off cruise itinerary for 2020 that focuses on Papua New Guinea. The 14-night journey sailing on the 2000-passenger Queen Elizabeth, will kick off on February 17, 2020 in Sydney, Australia, and take in four stops. They are: Alotau, Kiriwina Island, the Trobriand Islands, Rabaul and the Conflict Islands.

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Kerowagi MP and Vice Minister for Mining and Petroleum Bari Palma is reportedly engaging the Urbanisation Office to do a physical development plan by zoning Kerowagi District into an exclusive economic hub. ‘In my five-year plan, we are focusing on economic empowerment as the way forward for the people of Kerowagi,’ Palma said.

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Local food will be on the menu for delegates for the Asia-Pacific Economic Cooperation, says PNG APEC Authority chief executive officer Chris Hawkins. He told The National that contracted caterers for the meetings had also requested this arrangement.

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Bougainville wants to attract more of the world’s chocolate makers. The region is preparing for its third chocolate festival to be staged in Buka on September 21-22.

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Photograph of the week

Prime Minister Peter O’Neill is confident that officials, staff and development partners will perform to expectations and put the country on par with the 20 Asia-Pacific Economic Cooperation economies. Source: NATIONAL PIC Gevokila Alfred

 

 

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